18th Nov 2020 16:22
(Alliance News) - IronRidge Resources Ltd on Wednesday was granted four-year license renewals and corresponding area reductions by the Ministry of Petroleum and Mines in Chad.
The African-focused minerals exploration company received renewals for the Dorothe, Echbara and Am Ouchar licenses, which covers 446.3 square kilometres within an overall 746.3 square kilometre portfolio of highly prospective gold tenure.
IronRidge Resources said that the drill-ready Dorothe Project represents a high-priority walk-up and drill target with in-excess of 14.5km of trenching completed to date with large scale artisanal workings over a 3km by 1km area, which are very encouraging trenching intersections and supporting ground geophysics.
Vincent Mascolo, IronRidge chief executive, said: "We have worked closely with the Ministry of Petroleum and Mines to secure the license renewals and look forward to resuming field activities. Now that travel restrictions have eased, we have been able to re-enter Chad and resume activities; the company's N'Djamena exploration office is to be re-established shortly and preparations are now underway to allow the resumption of field activities in the new year.
"Our intention is to focus on drill testing the Dorothe target prior to the onset of the wet season in July 2021. We look forward to updating the market with our progress in due course."
Shares in IronRidge Resources were down 1.3% at 14.80 pence in London on Wednesday.
By Zoe Wickens; [email protected]
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